Atwood Banking Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: January 8, 1927
Location: Atwood, Tennessee (35.973, -88.678)

Metadata

Model: gpt-5-mini
Short Digest: cc260e4c

Response Measures

Full suspension, Books examined

Other: Receivership and eventual payout to creditors in 1928.

Description

Depositors ran after resentment over officers/cashier election (linked to a local incident involving a firecracker and ensuing ill feeling). The run forced the bank to close in early January 1927; a receiver was appointed later in January and the bank remained in receivership until at least late 1928 when creditors were paid in full.

Events (4)

1. January 8, 1927 Run

Cause: Bank Specific Adverse Info
Cause Details: Resentment over board's failure to re-elect former cashier after a local dispute (firecracker incident) led friends of the cashier to withdraw deposits.
Measures: Bank closed and locked its doors; state bank examiner was called and an investigation commenced.
Newspaper Excerpt: failed to open for business Saturday morning due to run on the bank by its depositors late Friday.
Source: newspapers

2. January 8, 1927 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Run triggered by ill feeling over election of officers/cashier following local controversy, producing heavy withdrawals and forced suspension/closure.
Newspaper Excerpt: failed to open for business Saturday morning due to run on the bank by its depositors ... closed and locked doors called state bank examiner.
Source: newspapers

3. January 18, 1927 Receivership

Newspaper Excerpt: ATWOOD BANK IN RECEIVER'S HANDS
Source: newspapers

4. November 25, 1928 Other

Newspaper Excerpt: CLOSED ATWOOD BANK PAYS ALL CREDITORS ... The bank that failed because of the innocent shooting of Christmas firecracker ... paid creditors 100 cents on the dollar
Source: newspapers

Newspaper Articles (4)

1. January 10, 1927 The Tennessean Nashville, TN

Article from The Tennessean, January 10, 1927

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Article Text

DEPOSITORS' RUN FORCES ATWOOD BANK TO CLOSE Feeling Against Officers Said to Cause Run. Trezevant, Tenn., Jan 8-The Atwood Banking Company. the only bank in the little city of Atwood. this county, failed to open for business Saturday morning due to run on the bank by its depositors late Friday. At the annual stockholdof the officers for the year did not please some friends thought that this feeling caused who for years has been the election McNatt of Maury county. In its last published in the affairs the bank was shown be good bank examiner in charge is believed by friends the that will reopen business in condition time week.

2. January 11, 1927 The Tennessean Nashville, TN

Article from The Tennessean, January 11, 1927

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Article Text

CASHIER OUT, BANK CUSTOMERS FORCE CLOSURE Second Run on Carroll Institutions Hits Atwood. (Special The Huntingdon, Tenn., Jan. Failure the Atwood Banking Company board of directors to elect Smith cashier for 1937 last week credited with causing run the bank which forced to close Saturday morning. according to President Leech of the Institution. Reuben McNabb counSmith the of the and friends of former who had the bank years, began their funds rapidly that to preInterests the the officers closed and locked doors called state bank examiner. xaminer started his vestigation today. believed the affairs of the company straightened out without according Mr. Leech. The Atwood the second eleven the county close The first the Bank Yuma, the the state past week. which the filed court today appointed. During Mr. Smith's terms cashier. Sam Barger, who has since assistant cashier bank at was assistant cashier. The run, to Mr. Smith, the Mr. by failure to elect Mr.

3. January 18, 1927 Nashville Banner Nashville, TN

Article from Nashville Banner, January 18, 1927

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Article Text

ATWOOD BANK IN RECEIVER'S HANDS of week, he nual of taken the

4. November 25, 1928 The Commercial Appeal Memphis, TN

Article from The Commercial Appeal, November 25, 1928

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Article Text

CLOSED ATWOOD BANK PAYS ALL CREDITORS Failure of Bank Caused by Shooting Firecracker. NASHVILLE Tenn., Nov. The bank that failed because of the innocent shooting of Christmas firecracker. the Atwood Banking Company of Atwood, Tenn. Saturday paid and cred. itors 100 cents on the dollar, and expects to pay interest on and have substantial fund remaining for stockholders, H. Grigsby state superintendent of banks, announced here Saturday. The firecracker explosion that caused the bank's failure is one of the unique cases the state's banking history and almost two years receivership has been necessary because of the Christmas celebration of youth. Atwood had an ordinance against shooting firecrackers, and as the result, the son of the bank's cash ter was for exploding big "cracker" during Christ mas holidays The youth was tried before magistrate and the father of the boy put up bitter fight in the magistrate's court, the case causing ill feeling among persons connected with the bank This ill feeling in the directors' meeting and the cashier was not re-elected. In resentment. friends of the cashier withdrew deposits. causing run that closed the doors. This 100 per payment marks the third refund from banks in the hands of the State Department within the month and the third in the history of the banking department. The bank falled on Jan. S. 1927. shortly after the firing of that costly firecracker in innocent holiday fun.